BBD Coin - Difference From Bitcoin MYK

Welcome back to the channel. I hope you all are having a great day. So this is going to be a good video today. This is going to answer the questions: just what is the difference between the BBD coin and the Bitcoin MYK token, or what we refer to as the Bitcoin MYK back dollar? And the BitcoinMYK native token. So let's explain that in this video so we have some clarity on that, right? So what you have to understand is that the BitcoinMYK native token and the BitcoinMYK back dollar are two sides of the same coin, right? So you can kind of think of the BitcoinMYK native token I kind of tend to think of it as gold. And I tend to think of the Bitcoin MYK-backed dollar, or what we refer to in short as the BBD coin, I kind of think of it like the US dollar before the 1970s, when the US dollar was no longer to be redeemable for gold or backed by gold, right? So the only difference between the Bitcoin MYK-backed dollar and the Bitcoin MYK native token is that the Bitcoin MYK-backed dollar is actually, uh, backed by or redeemable for the BitcoinMYK native token. Now, why is the BitcoinMYK token valuable, right? Why does it matter, right? Because to understand exactly what the BitcoinMYK token is, we can look here on the platform to get a very clear understanding of what it is. It is monetized attention, right? It is an attention value currency. So what you can do with the BitcoinMYK token that has been demonstrated on the platform is you're able to take the, uh, the token and you're able to use it to promote and get attention to your product services, uh, your profiles uh, and, and all these, uh, attention value-based economy things, right? You can only do it with the BitcoinMYK token. So whereas, uh, the format is very similar to a standard social media site, there is an integrated wallet that moves this cryptocurrency across the blockchain, right? So it's very interesting if you think about it, right? Imagine if Facebook was monetized, right? All your polls, all your attention value and there was a currency that was transacted through the, through the chain, right? Or through the platform. That's what BitcoinMYK token is. Now, what makes it so important and so much different from other cryptocurrencies is because of how it is created, right? It is created through your attention, right? The algorithm that runs the platform, it basically, uh, you generate the cryptocurrency based on that attention. Right? Nobody can do it but you. You generate it when you participate in the network, when you make friends, you do posts. All of these things creates value to a network, right? What is the value of that, right? So what we found out was that through our algorithm, it was seen that the amount of energy and attention that goes into posts and uh, moving the currency, uh, and doing standard things you do on social media site. Every, uh, gesture of energy you create, uh, the lowest denomination or the lowest value is about 1 cent, right? So as to say, let's say I wrote a post, I posted a video, I did whatever. I think many of us could agree that the value of that could conceivably be around 1 cent, 1 penny. And that is, that's because that's the lowest currency denomination we have on the network, right? So if it's only, if a BitcoinMYK token is, uh, value-wise 1 penny on the network, meaning that in order for you to post the link or do some attention value-based, uh, thing, that, that's gonna at least cost 1 penny, right, to move and whatnot. So in that sense, that means that the currency shouldn't value less than a penny. Now, so far on exchanges, uh, it does drop under a penny, but when you're minting the cryptocurrency, you're able to create a floor of a penny, right, on the network, building that value, and you convert it out to the Bitcoin NYK back dollar, right? Or you can keep it in the Bitcoin NYK token. Also keep in mind the BitcoinMYK token is deflationary, uh, it will burn down to only about 5 million coins, right? And so with the— as the network grows and builds, uh, the value of that should increase, right? I think now you got the basic understanding of what the BitcoinMYK token is. Uh, we're going to illustrate exactly where the BBD coin comes under BitcoinMYK Back Dollar and help you to understand exactly what the differences are and what would be some reasons that you would, um, you know, basically want to, uh, use one or the other, right? And there's going to be some practical reasons why that is, um, in several different reasons. But we're going to take you over, uh, to our notes and let— and try to break down exactly what the differences are and why the cryptocurrencies are so useful going forward into what we believe to be a future attention-based economy that's actually useful to people. So let's take a look at my notes and so we can get this all together. All right, so let's take a look at our notes here. The BBD coin, right? So right now the Bitcoin NYK-backed dollar, as I'm looking on exchanges, it's on several exchanges, um, the value is somewhere around $4.50, right, give or take. Um, okay, so remember the BBD coin is— well, we didn't get to that part yet, but it's redeemable for the— it can also be redeemed for the Bitcoin MYK. I actually, I did cover it when I spoke about the US dollar, uh, once being backed by gold. You could redeem it for actual gold. This is how the BBD coin works. You can actually redeem the BBD coin for the native token, right, the Bitcoin NYK token. And where's the value in that? It is in the attention-based economy. Remember, you're going to need BBD coins and you're going to create them through using the network, but you're going to need them. It's almost a little bit like mining, but you're going to need them to use the network, use this attention value, use this social media interface. And, and remember, social media networks are probably the best way to introduce people to crypto. Remember, Facebook reached a trillion-dollar market cap, right? So that just can show you the tremendous power there. But think about if you had a system like that with a cryptocurrency moving through it, right? So not only could you onboard people easier, you can move your currency around and mass adopt people a lot easier, right? So BBD coin at $4.50 now, if the holder of a BBD coin wanted to redeem it, he could redeem that for 450 Bitcoin MYK tokens. And the reason that is, is because Many of the actions that are taken on the platform, the lowest, the lowest currency denomination value-wise, a Bitcoin MYK token will be a penny, much like our standard economy, right? If I were to issue you some money, give you some money in the American economy, the lowest, uh, uh, money I could give you would be like a penny, right? And so this is kind of similar with the Bitcoin MYK token. Right, value-wise on the network, for reference, what you're doing goes no lower than about a penny, right? If you, uh, do a transaction, or if you, uh, write a post, or if you make a friend, or join a group, or whatever you're doing, that's— it's going to denominate each BitcoinNYK token like that. So if you have a market value of $4.50 Bitcoin MYK or BBD coins, that would equal 450 Bitcoin MYK tokens. Let's go to example 2. The Bitcoin MYK-backed dollar, or the BBD coin, did start at $1, right? It didn't start at $1 to reference the US dollar value or anything. It's not a stablecoin. It just means that it is consistent with the Bitcoin MYK token, that that is the lowest denominations in it. Um, it started at a dollar, I think, just because it was easier place to start it at. But let's just say it went back to a dollar, then that would mean that 100 BitcoinMYK tokens would equal one BBD coin, right? Um, and so whatever it takes for those pennies to add up to that, uh, market value of whatever the cryptocurrency is, right? So if you're on a platform that you can mine for free on there. Uh, you can mine, don't need any equipment or anything. It is your attention value that's creating the currency through the algorithm, right? So if you did, um, you earned 100, let's say you earned 100 BitcoinMYK tokens, it would be like earning a dollar, right, in the, in the, uh, in on the platform, right? Now you could then, uh, withdraw that for that amount of the BBD coin, right? Let's say if the market value of the BBD coin was $1 and you withdrew that 100 BitcoinMYK tokens off the platform, you would receive, uh, uh, 1 BitcoinMYK back dollar, 1 BBD coin, right? So it's very simple math and it's done that way on purpose, right? So down here it talks about the BBD coin is redeemable for BitcoinMYK tokens. Now they don't, they don't go the other way. Some people want to know, well, can I redeem BitcoinMYK for BBD coin? Yes and no. Yes, you can do it, but only on the platform itself. You can't do it over the exchanges, right? Or outside the network. But with BBD coin, you can actually go purchase, uh, BBD coin on the market, bring it to our platform and convert it and redeem it for the BitcoinMYK token. Now, why would you want to do that though? Well, one reason is the BitcoinMYK total in the supply is only 5 million coins, right? So let's think about that for a minute. What that means then is that the BitcoinMYK back dollar, the BBD coin supply equals the market value divided by the value of the total supply or the 5 million, uh, coins that may exist, right? So let's give you an example 3 to kind of drive it home. Let's say due to the deflationary nature of BitcoinMYK, Because remember, it's only going to be 5 million in the end. But let's say we got a billion people on the network. Let's say we got 50 million or 100 million, right? Of that 5 million, right, let's say each, uh, Bitcoin MYK goes to a value of a million dollars, like some people hope Bitcoin will do one day. If one Bitcoin MYK token goes to a value of a million dollars because it's only 5 million coins, But let's say one Bitcoin MYK-backed dollar on the market is only $4, right? Then that would mean that one Bitcoin MYK would equal about 250,000 Bitcoin MYK-backed dollars. So you see how it kind of reversed because it's not based on— so here are some reasons why a Bitcoin MYK-backed dollar may become very attractive to use in the future, even though right now the value of it is only about $4 in the market. Remember though, BBD coins can actually be— more can be printed based on the total supply and the market value of the BBD coin, but there can never exist more BBD coins in circulation over the value of the BitcoinMYK token. right? So as to say, if there, there only exists 5 million BitcoinMYK tokens and they're, um, and, uh, let's say the value is a dollar each, and so it's like $5 million, then you could never have a market value over $5 million of the BBD coin, right? And, uh, um, I'm sure that's starting to make a lot of sense to you all. If not, rewind the video back, watch these sections again. I'm sure it'll make sense. But there is a very practical value why you might want to hold BBD coins, at least at some future point. Right now it's probably being held more for speculation because it's going up because it's a very, very low supply. It's like only 10,000 that have been printed, um, so far, right? But in the future it's going to be more to keep up with the growth of the Bitcoin MYK token. But let's just say, for example, one Bitcoin MYK you're holding is a million dollars, right? Just for the example of this video. Well, what that means is that, uh, you know, it'll be like carrying around a $40,000 Bitcoin, right? It is probably more attractive to have, uh, units of currency that you could do transactions with, you can do commerce with. So it will be a probably a lot easier to have a BBD coin that's worth $4, where you can just easily take several BBD, uh, Bitcoin NYK back dollars or BBD coins and, you know, purchase things at the store, items at the store, items online, and on and so forth, as opposed to trying to do one denomination of one thing, right? And so that's part of it. There are some speculative relations in there as the BBD coin and the Bitcoin NYK token start to converge on each other. They're going to probably be going in opposite directions, so it's going to be some incentive for trading and speculation in it. But in saying that, let's talk about the reasons why, uh, the BBD coin uh, then the Bitcoin MYK tokens, the native token of the platform, has this intrinsic value and why it's more important than speculative value asset classes. Now a lot of people who watch the channel have something to do with PulseChain, they have something to do with HEX. Now, uh, I generally speak good about HEX, uh, it's done a lot of good for the people in the community. However, it as well falls in the negative connotation of the idea of it being of speculative value. In other words, I can't really do much with a HEX token, right? Uh, besides hold it and then sell it, right? It is like a store of value. But some of the components that make a store of value a store of value is it has intrinsic value in itself. That's like the idea where people say, well, if I had gold, I can make jewelry out of it. If I had gold, I could maybe use it as a weapon. I could throw it and hit somebody in the head with a block of gold. Uh, I could use it for semiconductors. I can use it in computers and car engines, so on and so forth. That is its intrinsic value. What is the intrinsic value of the BBD coin, BitcoinNYK token? It is generated native to a social media network that much like Facebook and these large social media, um, uh, properties that are, have more market values of trillions of dollars, right? The BitcoinNYK token is actually generated through your social media use. Think about that for a second. It has intrinsic value with its attention value economy. HEX doesn't have that because HEX does not have a system that facilitates that, right? It is just kind of like a dispensary slot machine coin, right? And that falls into the category of speculative value. What is an example of speculative value? So one example I use here is poker chips value that constantly shift, right? So you might look at the market value of many of these cryptocurrencies, and I might ask you, what can it do? And you might say, well, according to the market, it has a value of $20, $50, $1,000, $10,000, $50,000, right? And then I might ask you, why does it have that value? You can't really do anything with it but speculate. And you— and so what you're doing is you're placing the value on just speculation. That is no different than what you get in gambling casinos, Las Vegas, right? Think about a poker chip. When I walk in a poker— when a casino— from the beginning, I don't know if that poker chip is going to be worth $0 or it could be worth $50,000 in the same night. The poker chip could see any conceivable value almost in, in that night of casino gambling, then go to zero. Right? It has no intrinsic value except the speculation itself and the gambling and hope it will do what it does. BBD coin and BitcoinMYK token, whether the market goes up or down, you can still promote your business with it. You can still make friends with it. You can still get subscribers to your YouTube channel, as YouTubers have done using their BitcoinMYK.com site. And what is the value of that? Well, I could tell you It has more use than a poker chip, and it has more use than most cryptocurrencies value-wise. So value will always reside in it as long as the algorithm exists that creates the minting of the tokens based on what you do, right? So that is the difference between BBD coin, the BitcoinNYK token, and your cryptocurrencies. I hope that was a good explainer video. If you have any questions, comments, or concerns, please feel free to leave them in the comment section. I'd love to engage with you all, help you understand the importance of intrinsic value in these cryptocurrencies, which is why we have bubbles, which is why we have all these NFT issues and DeFi hacks and, you know, basically unsustainable returns, right, that happen in these marketplaces. So that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, Till next time, as always, don't forget to join BitcoinMYK.com today. You'll be glad you did. And until next time, take care of yourselves and each other.